Agenus Signs Deal to Sell Up to $340 Million Worth of Securities; Shares Up Pre-Bell

MT Newswires Live

Jul 13

Agenus (AGEN) has signed an agreement to sell up to $340 million worth of securities, the company said Monday.

The company said the deal includes a private placement of about $85 million in upfront gross proceeds, with an option to receive up to an additional $255 million upon full exercise of purchase warrants.

The purchase price was at a premium to Agenus' closing price on Friday, it said.

The financing was led by Commodore Capital, with participation from RA Capital Management, TCGX, Invus, and Ligand Pharmaceuticals (LGND), Agenus said.

Agenus said that net proceeds will be used to advance its ROBBIN registrational phase 3 neoadjuvant trial in microsatellite-stable colon cancer.

The private placement is expected to close on Wednesday, the company said.

Shares of the company were up 17% in Monday's premarket activity.

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